Soon there’ll be more arbitration centres in Asia than Hello Kitty outlets…
Channel News Asia reports that?? Singapore has offered to help Malaysia set up its own international arbitration centre.
Singapore’s Foreign and Law Minister K Shanmugam gave the news to the press after meeting with his Malaysian counterpart in charge of legal affairs Nazri Aziz, in Kuala Lumpur on Thursday.
Shamnugam said it’s all part of increased cooperation between two neighbours after the resolution of several bilateral issues.
“The fact that legacy issue had been cleared, that had helped in all of that. We see a significant increase in interactions, between people to people, investment as well as business. And for example when we talk about arbitration centres, it’s all indication, small and big of how we are cooperating,” said Mr Shanmugam.
Both ministers had friendly discussions at Minister Nazri’s office in Parliament.
Mr Nazri said Malaysia is keen to learn from Singapore’s experiences as an international arbitration centre and plans to set up a similar hub like the Maxwell chambers in Singapore.
He said Malaysia plans to convert an old historical building in Kuala Lumpur into an arbitration centre and work with Singapore so that disputes concerning Islamic banking and finance can be referred to Malaysia for arbitration.
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http://www.channelnewsasia.com/stories/singaporelocalnews/view/1153331/1/.html
